COMPAGNIE DE L'ODET
| First-half 2022 results | July 29, 2022 |
Good results of most activities
- Revenue: €11,517 million, +24% at constant scope and exchange rates
- Adjusted operating income (EBITA(1) (2)): €1,006 million, +48% at constant scope and exchange rates, driven by the strong performances of the Transport and Logistics (€560 million, +61%) and Communication (€531 million, +24%) sectors.
- Net income: €931 million,+48%, including the capital gains on the disposal, by the way of contribution, of the stake in Banijay Holdings Group to FL Entertainment (€526 million). The total included UMG's contribution of €398 million in first-half 2021. Net income, Group share: €301 million, +201%.
- Net debt: €4,682 million, up €1,191 million compared with December 31, 2021, representing a gearing of 15%. Group liquidity: €6.6 billion at June 30, 2022 in confirmed lines, of which
€3.8 billion for Compagnie de l'Odet, including Bolloré.
First-half 2022 results
Meeting on July 29, 2022, Bolloré’s Board of Directors approved the financial statements for first-half 2022.
Revenue amounted to €11,517 million, up 24% at constant scope and exchange rates:
- Transport and Logistics: €4,819 million, up 44%:
- Bolloré Logistics: +60%, driven by the increase in freight rates and air volumes in freight-forwarding;
- Bolloré Africa Logistics: +13% thanks to the continued recovery of logistics activities in Africa;
- Bolloré Logistics: +60%, driven by the increase in freight rates and air volumes in freight-forwarding;
- Oil Logistics: €1,619 million, up 41%, mainly due to the sharp rise in oil prices linked to the international environment;
- Communications: €4,870 million, +5%, attributable mainly to the strong rebound at Havas (+11.8%) and the growth of Canal+ Group (+2.2%);
- Electricity Storage and Systems: €205 million, +21%, the result of growth in Systems business activities (dedicated terminals and Polyconseil) and activities in Brittany (plastic films and buses).
On a reported basis, revenue grew 29%, taking into account a positive change in scope of +€173 million (mainly the acquisition of Prisma Media in May 2021) and +€163 million in foreign exchange impacts (global depreciation of the euro, particularly against the dollar).
Adjusted operating income (EBITA (3)) came out at €1,006 million, for an increase of 48% at constant scope and exchange rates:
- Transport and Logistics: €483 million, up 49%, owing to the sharp increase in freight forwarding and, in Africa, the good performance of port terminals and the recovery in logistics;
- Oil Logistics: €76 million, up +226% as a result of the substantial increase in the prices of oil products;
- Communications: €531 million (4), +24%, underpinned by the good performances of Havas and Canal+ Group;
- Electricity Storage and Systems: -€60 million, down -€10 million on a reported basis compared with first-half 2021, owing in particular to the sharp rise in costs (resins, electricity) and the decline in battery activity.
Financial income amounted to €480 million, compared with -€30 million in first-half 2021. The total includes €526 million in capital gains on Banijay Holdings Group following Vivendi’s exchange of its 32.9% stake in Banijay for a 19.9% stake in FL Entertainment, listed since July 1, 2022.
Net income from equity-accounted non-operating companies was -€210 million, compared with -€25 million in first-half 2021. It mainly includes -€235 million of Telecom Italia’s share of net income.
After taking into account a tax expense of -€231 million (compared with -€198 million in first-half 2021), consolidated net income totaled €931 million, against €628 million in first-half 2021.
Net income, Group share amounted to €301 million, compared with €100 million in first-half 2021.
Shareholder's equity stood at €30,671 million, compared with €31,336 million at December 31, 2021, a result of the decrease in share prices (-€1.5 billion).
Net debt was €4,682 million compared with €3,491 million at December 31, 2021, taking into account:
- The increase in Vivendi’s debt (+€1.1 billion) resulting from the acquisition of 12% of Lagardère and returns to shareholders (share buybacks and dividends).
- The increase in Compagnie de l'Odet’s debt excluding Vivendi (+€67 million).
In light of these factors, the gearing ratio was 15%, versus 11% at the end of 2021.
At end-June 2022, the Group had €6.6 billion in confirmed lines, including €3.8 billion for Compagnie de l’Odet including Bolloré.
Group structure
The completion of this sale, conditional on obtaining regulatory authorizations and the approval of the competent competition authorities as well as the agreement of some of the counterparties of Bolloré Africa Logistics, would take place by the end of the first quarter of 2023.
In addition, 31.2 million shares were presented to the subsidiary branch of the takeover bid (22.10% of the share capital), consisting of rights of sale exercisable at the price of €24.10 until December 15, 2023, i.e. up to €752 million.
**** *** * Consolidated key figures for Compagnie de l’Odet |
| (in millions of euros) | H1 2022 | H1 2021* | Change 2021-2022 |
| Revenue | 11,517 | 8,959 | 29% |
| EBITDA (1) | 1,389 | 880 | 58% |
| Depreciation and provision | (383) | (324) | |
| Adjusted operating income (EBITA (1) (2)) | 1,006 | 556 | 81% |
| Amortization resulting from PPA (1) | (114) | (74) | |
| EBIT | 892 | 482 | 85% |
| o/w equity-accounted operating companies | 163 | 30 | |
| Financial income | 480 | (30) | |
| Share of net income of | |||
| equity-accounted non-operating companies | (210) | (25) | |
| Taxes | (230) | (198) | |
| Income from discontinued activities | - | 398 | |
| Net income | 931 | 628 | 48% |
| Net income Group share | 301 | 100 | 201% |
| Minority interests | 630 | 528 | |
| June 30, 2022 | December 31,2021 | Change 2021-2022 | |
| Equity | 30,671 | 31,336 | (665) |
| of which Group share | 21,604 | 22,485 | (881) |
| Net debt | 4,682 | 3,491 | 1,191 |
| Gearing (3) | 15% | 11% |
(*) As of 09/23/2021, UMG was reported as an equity-accounted operating company. To ensure comparability and in accordance with
IFRS 5, UMG was reclassified as discontinued operation in H1 2021.
(1) See glossary
(2) Including in first-half 2022, the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi and €119 million in contribution from UMG, equity-accounted operating company at Compagnie de l'Odet, compared with zero in 2021.
(3) Gearing: ratio of net debt to equity
Change in revenue by business in the first half |
| (in millions of euros) | H1 | H1 | Reported | Organic | |
| 2022 | 2021* | growth | growth | ||
| Transportation and Logistics | 4,819 | 3,223 | 50% | 44% | |
| Oil Logistics | 1,619 | 1,165 | 39% | 41% | |
| Communication | 4,870 | 4,392 | 11% | 5% | |
| Electricity Storage and Systems | 205 | 174 | 18% | 21% | |
| Other (Agricultural assets, Holdings) | 4 | 5 | (12%) | (12%) | |
| Total | 11,517 | 8,959 | 29% | 24% |
| Change in revenue per quarter |
| (in millions of euros) | 1st quarter | 2nd quarter | ||||
| 2022 | 2021 organic | 2021 reported(*) | 2022 | 2021 organic | 2021 Reported(*) | |
| Transportation and Logistics | 2,361 | 1,609 | 1,555 | 2,458 | 1,737 | 1,668 |
| Oil Logistics | 848 | 559 | 565 | 772 | 592 | 600 |
| Communication | 2,376 | 2,202 | 2,094 | 2,494 | 2,421 | 2,298 |
| Electricity Storage and Systems | 112 | 77 | 80 | 94 | 93 | 94 |
| Other (Agricultural assets, Holdings) | 2 | 2 | 2 | 3 | 3 | 3 |
| Total | 5,697 | 4,449 | 4,296 | 5,820 | 4,845 | 4,662 |
(*) As of 09/23/2021, UMG was reported as an equity-accounted operating company. To ensure comparability and in accordance with
IFRS 5, UMG was reclassified as discontinued operation in H1 2021.
All amounts are expressed in millions of euros and rounded to the nearest decimal. As a result, the rounded amounts may differ slightly from the reported total.
Adjusted operating income (EBITA) by activity |
| (in millions of euros) | H1 2022 | H1 2021* | Reported growth | Organic growth | |
| Bolloré Transportation and Logistics | 560 | 335 | 67% | 61% | |
| Transportation & Logistics(1) | 483 | 312 | 55% | 49% | |
| Oil Logistics | 76 | 23 | 230% | 226% | |
| Communication | 531 | 313 | 70% | 24% | |
| Vivendi (2) | 412 | 313 | 32% | 28% | |
| UMG (Compagnie de l’Odet operating equity method 18%) | 119 | - | |||
| Electricity Storage and Systems | (60) | (50) | (21%) | (12%) | |
| Other (Agricultural assets, Holdings)(1) | (25) | (43) | 43% | 43% | |
| Total EBITA Bolloré Group | 1,006 | 556 | 81% | 48% |
(*) As of 09/23/2021, UMG was reported as an equity-accounted operating company. To ensure comparability and in accordance with IFRS 5, UMG was reclassified as discontinued operation in H1 2021.
(1) Before Bolloré's trademark fees
(2) Including in first-half 2022, the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi.
A detailed presentation of the results of its Bolloré subsidiary is available at www.bollore.com.
A limited review of the 2022 consolidated financial statements was carried out and the certification report will be issued following approval of the half-year activity report.
*****
***
*
Comparability of financial statements
- PERFORMANCE INDICATORS
At June 30, 2022, Compagnie de l'Odet had not changed the definition of performance indicators, particularly EBITA, which are comparable to those of 2021.
- Change in the scope of consolidation
- Prisma Media has been consolidated by Vivendi since June 1, 2021.
- Lagardère has been accounted for using the equity method since July 1, 2021.
- UMG has been accounted for using the equity method since September 23, 2021.
- Changes in the main currencies
| Average exchange rates | H1 2022 | H1 2021 | Change | |||
| USD | 1.09 | 1.20 | (9%) | |||
| GBP | 0.84 | 0.87 | (3%) | |||
| PLN | 4.63 | 4.54 | 2% | |||
| JPY | 134.22 | 129.80 | 3% | |||
| CNY | 7.08 | 7.79 | (9%) | |||
| ZAR | 16.83 | 17.52 | (4%) | |||
Glossary
- Organic growth: growth at constant scope and exchange rates.
- Adjusted operating income (EBITA): operating income before amortization of intangible assets related to business combinations – PPA (purchase price allocation), impairment of goodwill and other intangible assets related to business combinations.
- EBITDA: operating income before depreciation and amortization.
- Net financial debt/Net cash position: sum of borrowings at amortized cost, less cash and cash equivalents, cash management financial assets and net derivative financial instruments (assets or liabilities) with an underlying net financial indebtedness, as well as cash deposits backed by borrowings.
The non-GAAP measures defined below should be considered in addition to, and not as a substitute for other GAAP measures of operating and financial performance, and Compagnie de l’Odet considers these to be relevant indicators of the Group's operational and financial performance. Furthermore, it should be noted that other companies may define and calculate these indicators differently. It is therefore possible that the indicators used by Compagnie de l’Odet cannot be directly compared with those of other companies.
The percentages changes indicated in this document are calculated in relation to the same period of the preceding fiscal year, unless otherwise stated. Due to rounding in this presentation, the sum of some data may not correspond exactly to the calculated total and the percentage may not correspond to the calculated variation.
1 See glossary
2 Including in first-half 2022, the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi, , and €119 million in contribution from UMG, equity-accounted operating company at Compagnie de l'Odet, compared with zero in 2021.
3 See glossary
4 Including in first-half 2022, the contributions from UMG (€66m) and Lagardère (-€20m) equity-accounted operating companies at Vivendi , and €119 million in contribution from UMG, equity-accounted operating company at Compagnie de l'Odet, compared with zero in 2021.
5 Based on Lagardère's theoretical number of voting rights at June 30, 2022.
Attachment
